Oblong (NASDAQ:OBLG) stock is heading higher on Wednesday morning after the video stream management company released its fourth quarter 2023 earnings report.
That earnings report includes revenue of $944 alongside a net loss of $1.22 million. For comparison, the company’s revenue and net loss in the same period of the year prior were $1.43 million and $1.22 million.
Oblong also reported an adjusted EBITDA loss of $899,000 during the quarter. That’s an improvement compared to its adjusted EBITDA loss of $1.18 million in the fourth quarter of 2022.
Peter Holst, CEO of Oblong, said the following in the earnings report:
“Our strategy for growth and enhancing shareholder value is twofold. We aim to grow organically by expanding our market presence while actively seeking inorganic growth opportunities through strategic partnerships or acquisitions. Our exploration of strategic alternatives is diverse, encompassing the consideration of a range of transformative actions.”
What’s Next for OBLG Stock
Oblong notes that it raised a total of $5.9 million in funding in 2023. The company says that this gives it enough cash to continue operations through mid-2025.
OBLG stock is experiencing heavy trading this morning with more than 24 million shares on the move. That’s a massive surge in trading volume compared to its daily average of about 1 million shares.
OBLG stock is up 82.6% as of Wednesday morning.
Investors checking out all of the latest stock market stories will want to stick around!
We have all of the latest stock market news worth reading about on Wednesday! Among that is what has shares of Etao International (NASDAQ:ETAO) stock up today, the biggest pre-market stock movers this morning and more. All of that info is available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
